The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-07-02

Ine recovery was especially rapid, but
the hesitation in prices this week, not
withstanding very favorable reports of
earnings, indicates that the process of
liquidation may not in all directions
have been completed. At their lowest,
stocks were down to the level of Jan
uary last, and their highest in May had
accurately correspondent with their
highest average before the break in
December. The corner in June wheat
at New York has succeeded as com
pletely as
THE CHICAGO CORNER FAILED,
and the prices made have been so pal
pably artificial that June delivery sold
on the last day of the month at 22%
cents above the same grade for July.
Nominally, cash wheat fell 81 cents on
Friday, though the actual price for
other uses than the settlement of specu-
latiYe contracts was not above 86%
cents, on Thursday. and S515 on Friday.
The Chicago market has been quiet,
with an eastward shipment of
3 600, 900 bushels, crowding the lake
lines to their utmost capacity.
June exports have been large, but
the stock carried over to the new crop
year will not be much below 5000. 600
bushels in excess of the minimum, and
the crop reports are generally favorable,
though the prolonged drought in some
parts of the northwest causes apprehen.
sion, and may lessen the yield. From
Omaha and some other points come re-
ports that the real esta e excitement
has abated, though prices are main
tanned, and large sums are being eX-
pended in building
1t was estimated some weeks
ago, from returns at New York,
where the proportion of new build
ings in five months has been A per cent.
the to assessed valuation of real estate,
that the sum thus invested throughout
the country must be very large. Off
cial returns for five months from thirty
five cities of all sizes and various parts
OF the country now show that
THE VALUE OF NEW BUILDINGS
in that time was 5.12 per cent of the as
sessed valuation of all real estate there
in 1880, and the transfers of property is
per cent. at all points against IA per
cent. at New York. These figures
would point to an expenditure in build
ings of 81 300, 0O0, 900 and if the same &C
tivity should last through the year to the
transfer OF S4,300,0O0,0O0. It need not
be added that the reaction and
diminished activity in this direction are
to be expected. Everything available
has been turned into fixed capital,
largely in railroad building; though re-
turns disappoint those who expected q
larger mileage completed this year than
in 1882. So far the mileage is 500 above
that of last year to date, but about 300
miles below the completed work to
date in 1S80.1881 or 1888, and $500 be-
low the record of 1882. May and June
returns exceed last years but little. but
new securities listed at the Stock Ex-
change this year already exceed |
$132 100000 stock, and $133 DOC, 900 |
bonds, which in part accounts for
THE HESITATION IN PRICES.
General reports are, almost without e1-
ception, satisfactory, trade being good
for the time of the year. Collections
are fair and better, and money in
supply at all interior points:
The disasters at Chicago and Cincinnati
seem to have had but little effect else
where. A most encouraging feature is
the settlement as to wages in the iron
on a 10 per cent. ad-
vance. and the closing of the builders
strike at Chicago, the shoemakers'
strike in Massachusetts, and the ore
handlers strike at Cleveland. The coke
strike still keeps the coke furnaces idle,
and the stacks of iron west of the
are thought to have fallen
rom 1914 O7S tons on May LIST to 1900
-ons. An advance in August is hoped
or. and old rails have risen the past
week.
THE COAL OUTPUT
or the half year will exceed by 1900
;ons the largest previous output, and
m advance in prices is again predicted.
In most other branches of the trade, the
condition is reported satisfactory for
The season; monetary anXletles con-
;inue, however. The bank surplus has
never been as low at this time OF any
previous wear, and the treasury has
aiken 81, 800, 900 gold, while putting out
3. 400 600 currency. The heaviest with
travail of bank bonds ever reported on
. single day, naturally attends the ma
,uring of the last call for 3-per-cents,
md the Treasury officials are dlsap-
pointed because
THE NEW DEPOSITS FOR CIRCULATION
each only 100000. The one open
supply of money is the London markefi
put recent events have caused some
sales of stocks on foreign account, ana
exports from New fo-A
all s per cent. below, while imports rise
Is per cent. above those of last year for
June.